Helping clients back to work proves fruitful
Encouraging those who run small businesses to keep themselves operational as they recuperate from illness and injuries through the unique features of the Income Protection Premier Product helped TAL secure gold in this category.
General manager individual life, Gavin Teichner, said the product was designed for professional and self-employed customers, and allows them to work up to 10 hours a week and still receive full benefits.
"This is a valuable feature for those who run small businesses and are willing to keep themselves operational as they are recuperating, which TAL encourages," he said.
TAL also had a rich history and expertise in the income protection market, for which it had been awarded multiple times in this category, including last year.
"They can be a little esoteric, such as how we assess the pre-disability income from three years prior to the claim instead of the industry standard of two years, which is valued by risk specialists and recognised by the experts at DEXX&R," Teichner said.
In a category where price comprised of 40 per cent of the total product score and definitions was the most important factor for advisers, silver award winner, MLC, said maintaining consistent pricing over a challenging period has seen them succeed.
Chief customer officer, retail advised insurance, Melissa Heyhoe, said the firm had a vital role in assisting customers in returning to work at a time that suited them.
"We offer multi-cover discounts to our income protection customers so where they take out particular levels of term or TPD [total and permanent disability], there are various scales of discounts that they can have access to," Heyhoe said, adding the firm was also investing in its claims teams.
Taking the bronze this year was Asteron, for its Life Complete Income Protection product.
Disability Income Products 2016
Gold — TAL: Accelerated Protection Income Protection Premier
Silver — MLC Insurance: Income Protection Platinum
Bronze — Asteron: Life Complete Income Protection
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